1FEDERAL RESERVE STATISTICAL RELEASE                               June 28, 1996



 G.5(405)                 FOREIGN EXCHANGE RATES FOR THE MONTH ENDING  JUNE 1996

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JUNE 1996 TOGETHER
 WITH COMPARABLE FIGURES FOR OTHER MONTHS. AVERAGES ARE BASED ON DAILY NOON BUYING
 RATES FOR CABLE TRANSFERS IN NEW YORK CITY CERTIFIED FOR CUSTOMS PURPOSES BY
 THE FEDERAL RESERVE BANK OF NEW YORK.


                                      (RATES IN CURRENCY UNITS PER DOLLAR)


                   MONETARY       1996         1996         1996         1995
    COUNTRY          UNIT         June          May         April        June

 *AUSTRALIA        DOLLAR          0.7912       0.7970       0.7857       0.7196
  AUSTRIA          SCHILLING      10.755       10.782       10.580        9.854
  BELGIUM          FRANC          31.433       31.502       30.902       28.790
  CANADA           DOLLAR          1.3658       1.3693       1.3592       1.3775
  CHINA,P.R.       YUAN            8.3424       8.3479       8.3583       8.3206
  DENMARK          KRONE           5.8941       5.9160       5.9414       5.4604
 *EURO COMMUNITY   ECU             1.2379       1.2283       1.2432       1.3184
  FINLAND          MARKKA          4.6710       4.7541       4.7288       4.3134
  FRANCE           FRANC           5.1787       5.1855       5.1049       4.9172
  GERMANY          D. MARK         1.5282       1.5324       1.5048       1.4012
  GREECE           DRACHMA       241.75       243.27       242.00       226.56
  HONG KONG        DOLLAR          7.7404       7.7363       7.7345       7.7356
  INDIA            RUPEE          35.100       35.025       34.320       31.404
 *IRELAND          POUND           1.5831       1.5629       1.5651       1.6287
  ITALY            LIRA         1542.30      1556.71      1565.60      1639.75
  JAPAN            YEN           108.96       106.34       107.20        84.64
  MALAYSIA         RINGGIT         2.4967       2.4936       2.5113       2.4396
  MEXICO           PESO            7.5648       7.4368       7.4694       6.2330
  NETHERLANDS      GUILDER         1.7120       1.7135       1.6805       1.5686
 *NEW ZEALAND      DOLLAR          0.6765       0.6857       0.6824       0.6695
  NORWAY           KRONE           6.5376       6.5748       6.4901       6.2387
  PORTUGAL         ESCUDO        157.40       157.54       154.51       147.63
  SINGAPORE        DOLLAR          1.4090       1.4074       1.4082       1.3953
  SOUTH AFRICA     RAND            4.3519       4.3679       4.2130       3.6627
  SOUTH KOREA      WON           798.45       780.86       780.42       763.88
  SPAIN            PESETA        128.87       127.97       125.49       121.71
  SRI LANKA        RUPEE          55.529       54.868       54.163       50.210
  SWEDEN           KRONA           6.6807       6.7984       6.7141       7.2631
  SWITZERLAND      FRANC           1.2579       1.2539       1.2180       1.1588
  TAIWAN           DOLLAR         27.674       27.352       27.188       25.784
  THAILAND         BAHT           25.354       25.289       25.290       24.672
 *UNITED KINGDOM   POUND           1.5416       1.5152       1.5160       1.5948

  MEMO:
**UNITED STATES    DOLLAR         88.16        88.28        87.46        82.27
 *VALUE IS U.S. DOLLARS
 **INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER
 G-10 COUNTRIES.  MARCH 1973 = 100.  WEIGHTS ARE 1972-76 GLOBAL TRADE OF EACH OF THE
 10 COUNTRIES.  SERIES REVISED AS OF AUGUST 1978.  FOR  DESCRIPTION AND BACK DATA, SEE
 "INDEX OF THE WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE
 700 OF THE AUGUST 1978 FEDERAL RESERVE BULLETIN.

 FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT
 FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT (202) 452-3244.